Infrastructure financing districts: America's Cup and waterfront district venues.

Existing law authorizes the City and County of San Francisco to create infrastructure financing districts, including districts that include specified waterfront property, adopt infrastructure financing plans for those districts, and issue bonds financed by projected increases in ad valorem property taxes to fund certain public facilities, pursuant to a specified procedure. With respect to the infrastructure financing district provisions that apply to the City and County of San Francisco and waterfront districts, this bill would modify the definition of key terms and authorize a waterfront district to finance improvements to protect against potential sea level rise. The bill would modify provisions relating to the ordinance establishing the base year for the district and would specify the base year of land annexed into a district. In the event the district requests an affected tax entity to subordinate the amount to be paid to the entity, the bill would authorize the affected taxing entity to disapprove a request for subordination only if there will be insufficient tax increment funds. Existing law authorizes the adoption of infrastructure financing plans for special waterfront districts that include the waterfront area in the City and County of San Francisco designated as the America's Cup venues, and the use of specified tax revenues produced in the districts for the construction of the Port of San Francisco's maritime facilities at Pier 27, improvement of publicly held waterfront lands used as viewing sites, and other matters, subject to specified allocation procedures. Existing law requires that, with respect to the special waterfront district Education Revenue Augmentation Fund (ERAF) share produced in a Port America's Cup district with a special waterfront district enhanced financing, 20% of that amount be set aside to finance costs of specified improvements to federally or state-owned waterfront lands approved by trustee agencies. The bill would provide that the ERAF share of set-aside funds be used to finance costs of planning, design, and acquisition and construction of improvements to publicly owned waterfront lands owned by federal, state, or San Francisco local department trustee agencies. The bill would impose new requirements and grant certain exceptions in the event any portion of the set-aside funds is allocated to a federal or state trustee agency. Existing law authorizes the legislative body of a waterfront district to, by resolution, authorize the issuance of bonds without holding an election of the voters residing in the waterfront district. The bill would additionally authorize the legislative body of a waterfront district to undertake proceedings and actions relating to infrastructure financing districts with respect to the district as a whole or separately with respect to one or more project areas. The bill would authorize the legislative body to increase the principal amount of bonds that may be issued for a district or project area within a district. This bill would make legislative findings and declarations as to the necessity of a special statute for the City and County of San Francisco. The bill would make legislative findings and declarations to ratify any action taken by San Francisco consistent with the special statute prior to its effective date.